The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-04
COLLAPSE In WHEAT.
THE DIa BULL DEAL sUsrAINs
a TUMBLE.
No Failures Reported
~ Yet.

Bar FRAsorsco, GAL, May 3.-The
big "bull" deal In wheat collapsed
here today. There has been mutter-
tering Of trouble for several days, and
the outcome was not entirely unex.
pected. The top prices we're reached
last Monday. when the "bulls" offered
n NJ per Genital for wheat. Yester-
day the market dropped TO ~ IA. This
made the price 2ic per pound in San
Francisco, against llc In Chicago,
Ito In New York, and / 0 iJd
In Liverpool. The collapse Of the deal
was not attended BY the usual excite.
ment. All the sessions OF the call
board we're adjourned undsr the reso-
lutions adopted by the Board OF Di.
receSs, and posted on the
doors Of the exchange. The
reason given was the desire TO
avert the threatened panic. This step
was not altogether unexpected, and q
feeling Of rsliei was experienced by
both parties who have been strained
10 their utmost during the past few
days. No failures were reported up
90 q lats hour this afternoon, and II Ia
believed all the deals will be compro.
mised, 30 90 10 avoid Any disasters on
the street. Two OF ths chief bull
traders we're William Dfessback aud
John Posenii ID. bat the theory Ia nc
oeptea that they Represented other in
tercsts. They are known 10 be 70.
sponsible for 80. 900 tons OF wheat held
unasr tho various options for de-
Livery during this year. The con.
tracts now stand at 81 10 per
GENITAL. They made an effort to settle
on the following terms: To set,le
aud pay at once, 10 per GENITAL, 90 soon
Is sellers have wheat ready for de
livery and tender IL; further TO pay
IS cents per GENITAL, which would
leave the price standing with {
balance due Of 81 20. Ihll
they propose 10 accept an
| pay for one fourth In September
one fourth In October, one-fourth IL
November, and the hnal oae.iourth IL
December. Tney also propose 10 par
tho sellers interest At The rate OF pc
cent. per annum on all deferred pay
mente, together with the cuslomar,
elorsge AID insurance charges. II
secure q margin OF 20 cents pc
ton, they propose 10 iepoeit ampl
securities In the form OF wheat will
the board Of directors. In othe
words they asked the eellerc 20 carr,
the wheat In their interest, aud pa,
them for doing 20. The total amour
q wheat the "lones" have been shoul
dering 10 vAriously computed, bu
there IL no evidence OF the magn
tude Of the deal. II Ia stated
however, that II has require
eio.0O.0o0 TO carry the graf
already at Liverpool, aud o
the way, together with great quar-
Titles In store in the warehouses
? this siaie. The local banks pursued
, conservative course In this matter an
steadily rtiu,ed 20 interfere, conler
10 loan their customers money
D regular rates. Go lateral put up
A the ring Tor the advance has bee
moeuy certificates Of wheat on han
and the interesting question OF Oh
Q future will be tue ownership OF on
y hall q the hypothecated sto,k. tt
action taken ny IN, board Of directo
In stopping all the beard sessious
deemed very remarkable, but th
V II avetted panic Ia oonoede,
u aud tho Dresbachs' ptopoeltlc
n Was ancepied this afternoon NJ
|. the virtual result Ia III
:, the spectators and brokers. shorts H
~ Guided, have agreed 10 keep the
D. hands OF the market for the preae a
a Both bulls aud bears backed do y
Iv Tue money tque,Eed out Of n
= shorts on the margins will be =
y funded, aud they will lose nothIp
,r On the other hand, the ring wheat hi
~ substantially cot over tl 90, and IN,
!. vii loss the difference betseen An
" ard the actual market price, and n
y fu'hllmont OF the giant schema Ia "a
10 ner the mATfet. Dfetbach had Al
10 sboits 20 badly ncared that thew We
!, villire n gsi out without making ar
" thing, making the outcome on IN n
OF moot remarkable On record, Manv
DO the shorts came out Ah1ai ON Ina "a
tlsmtnt,but apart from the loea 4, a :
ed on the bull clique proper. NO A.,
loesssare mentioned In exc, A al ,0n n.
~ The etssion u the call board rs ~
an pospoted indefinitely and ths ss,,'
4. market price Of wheat cannot Ia a
" termined for several days, al,bons
n the nominal figure is one dollar a,